China nuclear firm looks to fund 6 projects with IPO

China Nuclear Engineering Co. plans to launch an initial public offering on the Shanghai Stock Exchange with a view to financing six atomic energy projects, the Environmental Protection Ministry announced Friday.

The company is aiming to raise 1.8 billion yuan ($286 million) through the sale of up to 525 million shares, the ministry said in a statement.

Required inspections carried out at 10 of the company's subsidiaries prior to the IPO showed no violations of environmental laws, it added.

CNEC is the second firm in the sector to announce a planned stock listing since the March 2011 meltdown at Japan's Fukushima Daiichi plant, which prompted China to temporarily halt its ambitious nuclear plans.

In June, China National Nuclear Power announced plans to launch an IPO.

CNEC had announced a planned listing in early 2011, but shelved the idea after the Fukushima disaster, which was caused by a massive offshore earthquake and tsunami.

The company's announcement comes days after Beijing said nuclear projects in Chinese coastal areas would be resumed after a 19-month hiatus.

Global concerns about nuclear energy in the wake of Fukushima have not halted plans for that sector in China, home to the world's fastest-growing nuclear program.

Fourteen nuclear plants are in operation and another 26 are under construction in China, which is expected to approve up to 40 more nuclear projects as part of a move to reduce dependence on coal. EFE